I Thought Once You Filed Bankruptcy You Could Not Do That Again. – Anastacia

Cant pay car note anymore and have tried everything possible and you suggested bankruptcy but I thought once u go chapter 7 you cant file again. I was thinking about doin a voluntary repo on my vehicle is this a good idea when i have tried all option such as trade in and refinance any suggestions

Anastacia

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

I nearly did the same thing about 8 years later but, at the time chose not to redo another BK – Now, I am in the situation where as I have not worked for 2 years and I want to do a bk7. It has been about 15 years since completing the inital first one. I say this to you – be encourgaged and the world has been bankruppted but, if you can not afford your bills, its alright to down size & reduce your stress levels. Youa re not the only person

http://GetOutOfDebt.org Steve Rhode

I just republished this recently and it might strike a cord with you. It sounds like you’ve reached acceptance.

I went through similar 2 years ago while on unemployment compensation. I could no longer pay my car payment, though had struggled to not lose my car. I had no option for chs. 7 (had filed 6 years before) and could not do ch 13 (was not a wage earner), so I voluntarily turned my car over. It was one of the hardest things I did and I then had no car to go on job interviews, etc. Anyway, in your situation, I believe I’d recommend a free consult with an attorrney about filing ch 13 bankruptcy as you could keep your car this way and discharge the rest of the crushing debt eventually. Go check it out.

Anne

Good luck with everything. I understand how difficult this can be.

Erin

I pray you can get this resolved. You can always find another car.

Serephim5

I beleive under the new laws for bankruptyc which started in 2006 (right after I filed) certain chapter bankruptcies can only be done once, but if you filed under the old laws I think that rule doesn’t apply.

http://GetOutOfDebt.org Steve Rhode

Actually…that’s not a factual statement.

Msullivan

Anastacia,

Normally you would have to wait seven years after filing a Chapter 7 bankruptcy before filing another. Talk with an attorney if you are considering this.

A voluntary repo isn’t really any different from a regular repo except that you saved the lender the work of finding an taking the car and limited the financial claim. They might treat you more kindly but odds are they will still auction the car, subtract that amount from what you owe and seek a judgment for the difference.

Still, if there is no way you can make the payments and your only options are voluntary repo and involuntary repo, go with voluntary.

By they way, the need to file for bankruptcy six years after filing is a pretty sure sign that you have serious money management issues. You should seek out a social worker and ask for a volunteer coach who can help you.

Good Luck!

AnastaciaHelper

Its actually 8 years that is allowed in between chapter 7’s

http://GetOutOfDebt.org Steve Rhode

In my head I was saying, “wait for it,” and then you posted the update. LOL.

More Available Help

Recent Comments

Read More Comments

The Amazing How to Get Out of Debt Calculator

In a matter of minutes this one single online calculator will demonstrate your different debt relief options available to get out of debt. As far as I know this is the first calculator like this. It's free to use. [Click Here]

Legal Friends and Protectors

A number of consumer attorneys stand behind the site as a friend and legal protector of the work we do here. [Click Here]

Find Me on Facebook

About Me

I'll help you get out of debt totally for free. All you have to do is tell me your situation, ask me your question and I'll help you find an honest and truthful solution to resolve your debt and credit situation.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.